What can you tell me about AS-IS, WHERE-IS condition when buying a house?

Question

I see lots of houses that say that. DOes that mean they need a ton of work? Or is that just to reassure that there is no warranty with the house for later....

Answer 1

"As is" is the sellers darling thinking that this term absolves them of any responsibility down the road. It doesn't in many cases.

REO (bank owned), inherited properties and such generally carry the "as is" distinction because these owners do not know the disclosure issues.

Sometimes it means the house needs alot of TLC. Or in some cases it means the seller just doesn't know. With these properties, a home inspection is a must. A good home inspector is worth every penny you pay them.

Answer 2

As is means the seller does not intend to make any repairs or spend any money on the house to sell it for the price he has listed. He may consider negotiations regarding price if there is more work to be done than what his price suggests.

Example: Selling price: 200,000

Area Comps: 225,000

Repairs: 35,000 +

Seller might want to consider price reduction to 175 - 180K in order to sell as is, so that you can make necessary repairs but not have to spend more on it than house is worth.

Answer 3

I'm in the market for a new home too. WHENEVER I see one of those homes listed, I don't even bother trying to get a viewing of one of them.

I truly believe AS-IS homes are basically homes that need a TON of work. Good luck shopping!

Answer 4

Could be anything. There might be something wrong with it that they know about that they don't want to pay for. Or they might not know of any problems, but are trying to avoid "surprises".

If you buy a house, any house, you should have an qualified inspector look at it. You don't want any suprises, either.

Answer 5

It just means that the seller will make no repairs or considerations.
It doesn't necessarily mean that the house is in need of major repairs.